A lot is heard about the need to innovate. Every successful company seeks to innovate their strategic plans, encouraging new ideas to generate value.
But, do you really know how to apply innovation in your company? Enjoy this reading and learn more about the theme.
Innovation
According to Nick Baldwin “Innovation is exploring new ideas successfully”.
Meaning innovation is using creativity to develop a new product, service or business strategically to generate value to everyone involved. It is part of the culture of successful, evolving companies, and is paramount in the strategic planning of corporations.
The strategic importance of innovating
Innovation as the center of strategy, provides a quick adaptation and increases the chances of companies to overcome moments of crisis and instability.
It ensures the sustainability of large corporations in an increasingly competitive and globalized scenario, guiding investments and defining the focus of research and development based on the reality of the market.
The pillars of innovation
Innovation is based on Design Thinking, with balance between feasibly meeting the needs and desires of people as its supporting pillars.
It is more than simply doing. It is a process that entails business planning, research and market analysis, as well as possibility of investments thus ensuring the best solutions.
Viability: refers to the expected return of a solution. There is no point in having a revolutionary idea if it is not financially viable. The feasibility analysis allows to capture investments, define the market, study the risks and alternatives and reduce chances of errors and negative impacts. This process optimizes the use of resources, improves results and maximizes return, thus providing safety and stability.
Desirability: focus on people, since they are the ones who will benefit from the innovation, and here we note that innovation is not just synonymous with cutting-edge technology, but results from the value that the customer perceives. Therefore, market research, empathy map and customer interviews and tests are fundamental, making it possible to put yourself in the customer’s shoes and really understand their real needs.
Feasibility: talking about the short-term technical feasibility of the project, that is, considering whether it is technologically possible to carry out what is being proposed, analyzing at this point whether it will be possible to meet the performance objectives expected by the company.
Culture of innovation
Now that we mentioned the importance of innovation and its pillars, check out a few tips to implement the culture of innovation and leverage your business.
• Create a favorable environment. Every team needs to know and feel they are free to have ideas and think about improvements, suggesting changes without being at risk of being reprimanded.
• Establish partnerships. Cocreation – a theme already addressed in the blog – provides powerful insights and is essential to grow and achieve great results.
• Be fast and agile. Your processes do not need to be long and time-consuming, encourage them and have a quick response to events.
• Don’t be afraid to make mistakes. Mistakes happen. The difference is how you act and how fast you can correct them.
• Focus on the solution. Don’t invent problems and find new ways to get it right.
Lastly, you need to understand that The Culture of Innovation must permeate the entire process, identifying, testing and delivering lasting solutions, which means working with flexibility, adapting solutions and also ensuring continuity of their implementation.
The Culture of Innovation in any company is a very important strategy and the best way to remain competitive in an increasingly complex market with increasingly demanding and selective clients.
Don’t waste any more time and start implementing this culture now!
It is necessary to facilitate processes and direct decisions collaboratively. Look for partners that have innovation as an operation basis and learn to share ideas.
Performa_IT may help your company with this implementation. We’re here for you!
Get in touch with our team.
Talk to Felipe Rebello, our Head of Growth EMEA: https://www.linkedin.com/in/rebello/
Visit our website: https://performait.com/?idioma=en
